Soukarni Barai
UX Researcher | Service Strategist | Designer
How might a movie business pivot in a socially distanced time?
KEYWORDS
INNOVATION | BUSINESS MODEL CANVAS | GROWTH STRATEGY
CONTEXT
This project studied the Business Model of the company Book My Show and broke down its entire business ecosystem. It understood the value flow and how to discover a business's latent need. We also proposed how the company may move forward by leveraging their own key value proposition.
KEY STAGES
- Hedgehod Modelling
- Value Proposition Canvas
- Business Model Canvas
- Market Segmentation
- Pivot Strategy
- Market Segmentation
- Growth Strategy
© Anton Fritsler(Kit8)
OVERVIEW
CHALLENGE
In 2020, the pandemic affected nearly all businesses drastically. We observed that the movie ticketing platform - Book My Show, was severely affected. As theaters were shut down completely, the organization suffered huge monetary losses and had to let go of employees too. We decided to study and help identify new ways for this business to pivot to be able to survive and generate revenue.
METHODOLOGY
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First, we determined the company's core value using Jim Collins' Hedgehog model.
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Using the Value Proposition Canvas, we established a value flow between the business and users.
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We interviewed 2 employees and updated the Business Model Canvas accordingly.
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We discovered a latent need for safe accommodations and connected it to Book My Show's CRM capabilities.
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Our proposal was to pivot and provide safe event venues both online and offline.
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We developed a Minimum Viable Product and tested its viability.
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We also created segmentation, targeting, and positioning strategies.
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Finally, we proposed long-term growth by expanding into ticket re-selling, accommodation venues, and offering comprehensive experiences as a business.
MY ROLE
We were a team of two members. To get an insiders perspective, I interviewed two Book My Show employees to understand its business health. I also proposed that we make an empathy map from the CEO's perspective of the business to identify the core values of the business. I remodeled the business model canvas to reflect how our business may pivot innovatively. I supported my teammate by helping in market analysis, segmentation, targeting and positioning. This helped us in creating a unique Blue Ocean Strategy.
DURATION
2 weeks sprint
September 2020
BACKGROUND
This classroom project was developed during the Business Design Module at the National Institute of Design, India. It was conducted online.
Company Timeline
The company was founded as Big Tree Entertainment in 1998. It began as a ticketing service which moved onto Customer Relationship Management and branched farther into multiple realms rooted in the same.
2020
1998
The Company Core
Hedgehog Model
We first tried to arrive at the company core that runs Book My Show. We took inspiration from The Hedgehog Model by Jim Collins in his acclaimed book 'Good To Great', and discovered the CUSTOMER RELATIONSHIP MANAGEMENT, was the core offering that drives value in and out of Book My Show.
CUSTOMER RELATIONSHIP MANAGEMENT (CRM):
The technology used to maintain relationships with present and potential customers of a service.
PASSION
MARKETABILITY
CRM
Our skills lie in managing customer
relationships & providing them a One-Stop-Shop
We keep our wagon running in exchange for facilitating customer experience.
Are deeply passionate about our customers & their needs.
SKILL
Establishing Flow of Value
- The Value Proposition Canvas
The Value Proposition Canvas is a tool we used to ensure that a product or service is positioned around what the customer values and needs. This framework is generally used to ensure that there is a co-relation between the product and market.
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Creating the Landscape
- The Business Model Canvas
We used the Business Model Canvas to lay down all the facets of Book My Show as a company and understand holistically how the entire organization is structured in one big picture. The Canvas that was made for Book My Show is along side. We traced backwards from the Customers to the Company with the help of some Book My Show Executive Interviews.
The parameters of this canvas are to be read in the following order:-
1. Customer Segments
2. Value Proposition
3. Channels
4. Customer Relationships
5. Revenue Stream
6. Key Services
7. Key Partners
8. Key Activities
9. Cost Structure
We then re-designed the model to 'innovate' and come up with new and possible pivot strategies. The new Business Model "Innovation" Canvas contained the following parameters:-
A. Stating Key Resources
B. Stating Key Challenges
C. Stating Consumer Needs
D. Identifying Priorities To Balance
E. Creating Points of Intervention
F. Charting Evolution Path to Intervention
Customer Relationship Management
Ticketing for
Entertainment Events
We discovered that this organization was extremely agile in terms of its growth and also has a successful and strong foothold in many channels. It fulfills multiple customer needs through its offerings.
Event Management
Vendor Management
Live Streaming
Merchandising
The Covid-19 Flywheel
The pandemic shut down business for Book My Show's movie sector but the organization used this standstill to pivot and re-position themselves by entering the segment of Over the Top Video on Demand Services.
They started their own channel called Book My Show Online allowing people to host and stream their own events online - almost mimicking their on ground facility in the virtual realm. To keep the revenues flowing.
Offering Value
So where to venture next?
We understood the existing business directions and channels that Book My Show already has and tried to look for new avenues or a latent need that Book My Show can tap into and explore as a new channel in their value exchange system.
Insight
People who travel for events need to look out for external accommodation or related services on other platforms. Proximity to the event, added load of search on other platform, issues related to stay & security are concerns that customers have to often deal with.
Latent Need
Access to a place to stay close to a show venue.
Scope
Book My Show is a hub to all things entertainment.
We wondered - What if we could help provide accommodation close to event venues to the customers? And thus we explored the idea further.
Book My Stay
Booked your show but don't have a place to stay? We have you covered!
Book My Show now helps you connect to the best hotels and accomodations close to your show venues!
Testing Demand
To get a quick understanding of the discovered need, we conducted a quick Instagram Poll to identify if the problem truly exists among the users.
Extrapolating Value
Market Segmentation
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Minimum Viable Product
We made a low fidelity prototype of our idea through a follow up poll on Instagram and received a positive response towards the proposed idea.
How are we
Innovating Business?
A New Revenue Channel will open up for Book My Show. Partnering with hospitality venues will become a new client profile.
Customers
Our existing knowledge will be used to create a new network of clients who offer accommodation - directly linked to event venues.
New Value Proposition
Consumers can now “Book My Stay” at accommodations close to event venues across India thus streamlining their booking experience.
Differentiating
Ourselves?
CRM and Book My Show's Extensive Client + Consumer Data as the primary asset and edge we have over other ticketing services and hospitality providers who dont have this data and technology.
Who are we targeting?
Creating Offerings?
Events
Accomodations
Book My Stay
Customers
What is the value generated?
You can hover over the icons below to read more.
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Event to Accommodation mobility offerings for consumers
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Proximity pricing/ surge - the closer you are to venue, the more premium the charge for accommodation access.
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Accommodation promotion through Book My Stay to build traction from premium consumers or event organizers themselves. (Eg: Performing artists could stay at Book My Stay recommended Accommodations. Would generate strong consumer pull.)
Monetary Value
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More Streamlined booking experience
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New stake in hospitality/ hotel industry.
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New stake in Tourism Industry under Tourist Facilities
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Private Event goers may also benefit from this new offering
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New Revenue Channel will open up from consumers and clients end. A new node.
Experience Value
Way Forward
If Book My Show Ventures into offering hospitality and accomodation it can develop a strong information base and move into real estate investments by owning event spaces of their own. This would increase control and internalize the system. This can eventually lead to Book My Show growing from Customer Relationship Management in the booking realm to the experience realm on a larger scale.
experience
hood
Project Limitations >
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This research was conducted over a span of 2 weeks as a sprint.
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It was conducted completely virtually using online mediums.
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The poll was conducted with a random set of accessible participants between the age of 18-30 years old, across India.
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The proposed solution was hypothesized on the basis of secondary data that was accessible online and through polls only, it has not looked at other sectors which may or may not influence the proposed sector.